UPDATE: Morgan Stanley Downgrades Popular on Weakening Puerto Rico Economy

In a report published Thursday, Morgan Stanley analyst Ken A. Zerbe downgraded the rating on Popular (NASDAQ: BPOP ) from Equal-Weight to Underweight, and lowered the price target from $32.00 to $25.00. In the report, Morgan Stanley noted, “We are Underweight shares of Popular as we believe a deteriorating Puerto